Pension Insurance Corporation's (PIC) investment portfolio rose to £46.8bn in 2023, up from £41.2bn a year earlier, its latest financial results have shown.

A total of £29bn was invested in the UK as at year end 2023, with the insurer also investing £1.6bn in privately sourced UK debt investments during the year. Furthermore, a total of £13bn in UK infrastructure was also invested.

A year-end solvency ratio of 211 per cent was recorded, and during the first two months of 2024, PIC completed £1.5bn of new business, with an industry pipeline of £50bn expected to complete this year.

PIC CEO Tracy Blackwell said: “PIC is well positioned to fulfil its purpose, which is to pay the pensions of its current and future policyholders, as well as to play a leading role in the future growth of the UK pension risk transfer market.”

This article originally appeared on our sister title, Insurance Asset Management.

---